S&P downgrades Floyd Memorial Hospital & Health Services' bond rating

S&P lowered its long-term rating to "BBB-" from "BBB" on $47.92 million of series 2010 fixed rate revenue bonds issued on behalf of Floyd Memorial Hospital and Health Services in New Albany, Ind., by the Indiana Finance Authority.

"The lowered rating reflects our view of Floyd's leading, but not dominant, market share in a more limited service area; significant recent financial losses; and moderately constrained balance sheet," said Kevin Holloran, an S&P credit analyst.

Floyd's outlook remains negative.

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